New research from DTN and Forrester points to priorities in digitization and improvements in operational agility to help drive revenue and better protect business continuity along the oil and gas supply chain.
A new study released by DTN, a leading data, analytics, and technology provider to the energy sector, shows that two thirds of downstream oil and gas decision makers agree that operational inefficiencies from manual offline tasks and disconnected data negatively impact their profit margin. Those same decision makers admit, by the same margin, that failing to invest in digital modernization is a “significant risk” to the future of their company.
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“The outlook for downstream oil and gas is constantly in flux, which is why the digital integration of more timely and holistic data can make a meaningful difference”
The downstream oil and gas industry is at a digital crossroads. Opportunities to improve efficiency and agility as well as decision accuracy are intersecting with the need to transform an interdependent, yet still highly manual supply chain. According to the study, more than 70% of decision makers at downstream oil and gas companies recognize digital modernization’s importance for the industry and their own business goals. For those leaders, the study shows that industry digitization prioritizes better sharing and distribution of data and driving real-time operational improvements from data analysis.
“The outlook for downstream oil and gas is constantly in flux, which is why the digital integration of more timely and holistic data can make a meaningful difference,” said Heather Killough, Senior Vice President for Energy at DTN. “The contextual data delivered through our Refined Fuels Demand API has been really successful because it provides near real-time view of local fuel demand and has helped downstream customers who have embraced digitization to capitalize on opportunities not just by the day, but often by the hour.”
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With sixty-six percent of respondents agreeing that operational inefficiencies from manual offline tasks and processes cost them valuable profit margin, it’s no surprise that real-time data and market analysis were ranked first and second in the study, as critical elements for better decision making and to improve business results. Market and weather data ranked closely behind.
For those who have invested in digital modernization efforts, nearly half reported improved market analysis and insights on emerging supply trends, as well as better operational efficiencies.
